Nigeria assumes G-24 chairmanship, pledging to strengthen the voice of developing nations and drive inclusive global economic reform.

Nigeria assumes G-24 chairmanship, reaffirming its commitment to champion inclusive global economic reform and amplify the voice of developing nations in international monetary and development policy.

Also read: Institute of Human Virology Nigeria urges HIV adherence

The formal assumption of office will take place on 1 November 2025, according to an official statement shared by the Central Bank of Nigeria (CBN) on its verified X (formerly Twitter) account on Wednesday.

The Group of Twenty-Four (G-24), established in 1971, serves as a coalition of developing countries with the mandate to coordinate positions on issues related to the international monetary and financial system, and to ensure their interests are adequately represented in global economic governance.

Speaking at the annual G-24 meeting, CBN Governor Olayemi Cardoso, representing the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, pledged that Nigeria’s leadership would focus on sustaining momentum in areas crucial to member countries.

“Our focus will be on sustaining momentum in areas that matter most to our members,” said Cardoso.

“We are determined to ensure that the G-24 continues to be a formidable platform for representing the common interests of emerging and developing economies.”

He further noted that Nigeria will work to promote inclusive growth, equity, and global stability, positioning the G-24 as a driving force for economic reform.

Nigeria’s chairmanship comes at a pivotal time, as global economic pressures—including inflation, debt vulnerability, and climate financing—continue to disproportionately affect low and middle-income countries.

The federal government had previously urged G-24 member states to strengthen economic cooperation and expand investment and trade partnerships, particularly in Nigeria’s agriculture, manufacturing, and energy sectors.

Minister Edun had also emphasised Nigeria’s immense potential in agriculture, citing that the country holds one of the largest expanses of arable land globally, second only to Brazil.

According to him, this offers a strategic opportunity for Nigeria to transition from being a food importer to a global food exporter.

As chair, Nigeria is expected to lead coordinated discussions at global forums such as the International Monetary Fund (IMF) and World Bank, pushing for reforms that reflect the shared concerns of the Global South.

Also read: Nigeria board gender diversity 2025 hits record high

The announcement has been received with cautious optimism among economic analysts, who view Nigeria’s leadership as a potential boost for both Africa’s geopolitical influence and regional economic integration.

Source: Read more at iretura.com